Bank of England increases interest rates to 2.25%
The Bank of England has increased interest rates from 1.75% to 2.25%. This is the seventh consecutive interest rate rise and sees interest rates move to their highest level since 2008.
These recent increases in interest rates are an attempt to control the soaring cost of living.
The Bank of England’s Monetary Policy Committee (MPC), who set interest rates voted as follows:
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- 5 members voted to move interest rates to 2.25%.
- 3 members voted to move interest rates to 2.5%
- 1 member voted to move interest rates to 2%
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All information is correct as at 22/09/22.